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I am thinking about buying some bitcoin. I understand the risks and I am going to use the little money I have left at the end of the month. I have plenty savings as well, so I am not using all of my savings to bet on bitcoin. I just want to invest a very small amount to understand the mechanics of it.

I am trying to understand Etoros' fees as described here: https://www.etoro.com/en/customer-service/fees/. Coinbases' costs seem to be much simpler to understand.

To help me understand Etoros fees. Say I had £250 to buy today and I sold for £250 this time next week. What would the Etoro and Coinbase costs be and when would they be payable?

Also what is a pip? I understand it to be 0.001p but I could be wrong.

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It's a bit apples and oranges. At Coinbase you are actually purchasing cryptocurrency that you then own and can move elsewhere if you wish, whereas at eToro you are opening a CFD (contract-for-difference) position, which is similar to trading futures in that you don't actually own any bitcoin but are rather speculating on the price movements of bitcoin.

At Coinbase, you pay a percentage of your total purchase price. You also pay a percentage fee when you sell. (Sidenote: By using their associated trading exchange GDAX, you can avoid paying these fees, but you'll need to learn how to use their interface).

With eToro, you pay a fee each day your position is open. That is why the fees are listed as "OVERNIGHT FEE (PER 10 UNITS)".

The conversion fee listed on eToro (in pips) is for if you are depositing in a different fiat currency than USD and they have to convert it for you; it doesn't have to do with crypto specifically. A pip is the smallest trading unit of the currency in question. For most pairs it is .0001, however Yen-based pairs are only displayed to two decimal places so it is .01 in that case.

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